While some Democrats and political pundits are calling for a $1 trillion coin to pay off the nation’s debt, one Republican Congressman in seeking to make it illegal.
Oregon Rep. Greg Walden is planning on introducing a bill that would prevent a platinum $1 trillion coin from being minted.
“This scheme to mint trillion dollar platinum coins is absurd and dangerous, and would be laughable if the proponents weren’t so serious about it as a solution,” he said in a statement. “I’m introducing a bill to stop it in its tracks.”
Such a coin is legal through a loophole that allows the Treasury to create platinum coins in any denomination, though that provision was intended for use on commemorative coins. The $1 trillion coin was proposed to bypass Congress trying to prevent a debt limit increase. The national debt could be paid off with the coin.
“My bill will take the coin scheme off the table by disallowing the Treasury to mint platinum coins as a way to pay down the debt,” Walden’s statement said. “We must reduce spending and get our fiscal house in order.”
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